In the Wake of the Anglo Tapes: A Lesson Ireland Must Learn From Cyprus

In the wake of the Anglo Tape Revelations it must made be clear that the deal to save the Irish bank crooks was cooked up to save the British, French and German megabanks. The Drummer boys took advantage of the structure of sin.

This is the lesson Ireland can learn from the Cypriot Central Bank governor Panicos Demetriades in a statement he made to the German daily Tagesspiegel as reported in today’s Cyprus Mail.

Demetriades charged that that the European Central Bank kept the bankrupt Laiki bank, the bank that bail in depositors, afloat for over a year in order to “protect” foreign investors. Laiki should have gone into bankruptcy over a year before the bailout last March.

The amount of liquidity pumped into the bank was almost 9 billion euros. So in March 2013 the ECB threatened to cut off liquidity to Cypriot banks unless they signed the bailout…